Markets tank, jobs report bad, Hungary warns of default

Just another day in the increasingly unpredictable and perilous financial markets.

Hungary said
their situation was “grave” and that the possibility of default “isn’t an exaggeration.” This is made worse by the Swiss franc rallying. Incredibly, many Hungarian mortgages are denominated in Swiss francs.

Obama hinted the jobs report would be good. But it was actually terrible.

As a politician, Barack Obama is in a total tailspin. The jobs situation made things worse. Earlier this week he appeared to tip a strong report, but it came in weak. Then when he spoke this morning, he ignored how bad it was, and sounded foolish.

It’s starting to feel like 2008 again, before Bear Stearns and Lehman Brothers collapsed (or were pushed off the cliff) with markets being very twitchy indeed and no one trusting anyone else because no one really knows where the risk is or who holds it.

Obama’s increasing political ineptness is baffling. I mean, he’s from Chicago, they know how to play politics there. So why the stunning lack of leadership and decisiveness, especially when the country is screaming for it?

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